Apollo Tyres on the good road

Apollo Tyres seems to be on a very good road today, with the stock currenty ruling almost 5% higher over previous close at Rs.206.50 with intra day highs at Rs.208 levels. Its52-week high stands at Rs.217.70.

The stock is buzzing loud and clear today  after the RBI, via a notification said that FIIs/Registered Foreign Portfolio Investors can  now purchase upto 45% of the company’s paid-up capital. Apollo Tyres has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 40% to 45% for the purchase of its equity shares and convertible debentures by FIIs/ RFPIs.

FII holding at end of Q1FY15 stood at 36.78%.